Oh how nice to hear the view from 2865 Sand Hill Road, courtesy of
In-Q-Tel (AKA CIA) partner A16 and
[email protected].
27 seconds in, and we've already being treated to hard-selling, counterfactual exaggeration in the form of "there not much time left to make changes before Bitcoin blockchain capacity runs out."
"1MB kludge" No, wrong, a sanity check/DOS regulator is not a "kludge."
FFS, I'm struggling to not attribute to malice what can be explained by ignorance, but Hearn should know better. Especially as Gavin as told us the sky will not fall because of full 1MB blocks.
Please tell us how you see Bitcoin growing, and how you propose to
prevent DOS by limiting block size, this seems like an oxymoron to me.
I'd also like to highlight a point that reflects ignorance on how the economics of Bitcoin incentives work, it is repeated by the "lets limit block size for now proponents", and that is that transaction costs are unrealistically low, or the cost of a transaction is not reflected in the TX fee or the market for TX fees is insufficient to sustain Bitcoin and this is a problem.
Bitcoin has been undergoing massive inflation, that inflation is subsidizing mining. Miners are being subsidized to grow the network infrastructure with a 25 BTC block subsidy every 10 minutes. This subsidy is an empirical part of Bitcoin and it is gradually removed in a disruptive but constructive manner essential to Bitcoin's growth, it has another benefit in that it reduces the cost of TX fees, and grows to protect the value stored in the network while it is small and vulnerable.
It is dishonest to claim transaction costs are low without pointing out that they are being subsidized and the subsidy is designed to reduce over time slowly enough to allow market driven prices to evolve.
It is also premature to centrally enforce protocol changes to manage or manipulate market driven transaction costs while those invested in Bitcoin are subsidizing the inflation and the actual cost transaction cost.
blocksize has nothing to do with DDOS.
transaction fees, on the other hand..
they are just bound to skyrocket at some point - but that would ensure safety and integrity of the network, regardless of blocksize.
bitcoin is a privilege, bitcoin is a worldwide decentralized network.
it wont save neither greece, nor the "africans" (such fucking racist argument BTW..).
you wont be able to buy frappucinos with bitcoins, nor any other immediate useless consumption carp..
remember: p-r-i-v-i-l-e-g-e
we lucky -
& screw the mass